Many people in Nova Scotia are turning to credit cards and other forms of consumer debt to help them pay for regular expenses. Even those who live within their means, however, can find themselves in over their heads with consumer debt. If payments are missed, collection agencies may start calling.
Contacts from these collection agencies can be distressing, and the best way to avoid debt collection calls altogether is to pay your debts on time. If you’re struggling, a Nova Scotia debt consolidation loan or debt settlement program can help. Each method has its own advantages, and residents should choose the one that best meets their needs.
Debt consolidation typically works best for those who have a relatively low amount of consumer debt. Through a Nova Scotia debt consolidation loan, debtors pay off all their existing consumer debts and are left with one monthly payment. The average interest rate is typically lowered, which lowers your monthly payment and enables you to devote more money toward your principal balance each month. However, the principal balance is not reduced. As you make payments on time, this process can even help to rebuild your credit.
A debt settlement program, on the other hand, reduces the total principal you owe to your creditors. As a result, you do not have to pay as much or for as long as you would under debt consolidation. This method is especially good if you have a very high amount of consumer debt and are struggling to make payments. In this case, consolidating may not help.
Debt professionals are waiting to help you take control and get out of debt. Fill out the online debt relief form to get more information and help regarding Nova Scotia’s debt relief programs.